Sears (Hoffman Estates, Ill.) announced that will be closing unprofitable stores more quickly than previously anticipated. It had stated 50 stores would be shuttered this year, but it may expand those closures to additional stores.
It looks to cut costs by $550 million to $650 million, which may also include cutting additional staff. It is also seeking to raise at least $300 million by selling some of its assets, which may include selling its Sears Auto Center business.
The news comes after the company shared the results of its fourth-quarter earnings and a “challenging” holiday selling season, reports the Chicago Tribune. Same-store sales for the quarter dropped 6.9 percent in Sears stores and 7.2 percent in Kmart stores. Sales for the year were down 11.1 percent at Sears stores and 7.3 percent at Kmart stores.